[361B The debt-for-debt exception]
Corporation Tax Act 2009 (2009 c 4) | Legislation

[361B  The debt-for-debt exception]

[(1)     For the purposes of section 361, the “debt-for-debt exception” applies if condition 1 or 2 is met.

(2)     Condition 1 is that—

(a)     the acquisition is an arm's length transaction,

(b)     the rights that are acquired are rights under a loan relationship that is represented by a security (“the old security”),

(c)     the consideration given by C for the acquisition consists only of a

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Standard of care in professional negligence claims

Standard of care in professional negligence claimsThis Practice Note considers the standard of care in professional negligence claims, originally formulated in Bolam v Friern Hospital as being that of reasonable skill and care but now reconsidered following Montgomery v Lanarkshire Health. It

LEXISNEXIS

Voluntary manslaughter

Voluntary manslaughterVoluntary manslaughterVoluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element for murder) but which are reduced to manslaughter because of one of the three special defences (loss of control, diminished

LEXISNEXIS

Guarantee payments

Guarantee paymentsThis Practice Note explains the right to a guarantee payment, which provides limited pay protection for certain employees who are laid off or put on short-time working.In practice the question whether a guarantee payment is due will usually arise in the case of hourly paid or piece

LEXISNEXIS

Defects liability period and rectification of defects

Defects liability period and rectification of defectsIt is common in construction projects for defects to manifest or appear in the works. Most construction contracts require the contractor to return to site to rectify (also known as ‘make good’) defects which arise or are discovered during a